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The final stretch of the waning Congress hasn’t produced any crypto surprises, and the industry’s lobbyists have been standing down, but Toomey decided to introduce a bill as a guide for next year’s lawmakers who’ll be under pressure to do something about digital assets. Original Source
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Two U.S. senators, including Elizabeth Warren, have introduced a bipartisan bill for the regulation of cryptocurrency. The bill, titled “Digital Asset Anti-Money Laundering Act,” is “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen,” according to crypto advocates. Digital Asset Anti-Money Laundering
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U.S. Senators Elizabeth Warren (D-Mass) and Roger Marshall (R-Kan) are introducing an act to crack down on money laundering and financing of terrorists and rogue nations via cryptocurrency. Source
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“We have offered Sam Bankman-Fried two different dates for providing testimony before the Senate Banking, Housing, and Urban Affairs Committee, and are willing to accommodate virtual testimony,” panel Chairman Sherrod Brown (D-Ohio) and ranking Republican Sen. Pat Toomey (R-Pa.) said Monday in a joint statement. “He has declined in an
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“The fall of FTX was not simply a result of sloppy business and management practices, but rather appears to have been caused by intentional and fraudulent tactics employed by Mr. Bankman-Fried and other FTX executives to enrich themselves,” the senators wrote. “In fact, Mr. Bankman-Fried had already revealed his true
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Several U.S. senators have called on Fidelity Investments to reconsider allowing bitcoin in 401(k) retirement plans. “The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems,” the lawmakers told Fidelity CEO Abigail Johnson. US Senators Want Fidelity to Stop Offering Bitcoin
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"The ill-advised, deceptive, and potentially illegal actions of a few have a direct impact on the valuation of Bitcoin and other digital assets," the letter read. Source
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"SoFi’s digital asset activities pose significant risks to both individual investors and safety and soundness. As we saw with the crypto meltdown this summer, where crypto-assets lost over $1 trillion in value in a matter of weeks, contagion in the banking system was limited because of regulatory guardrails," the letter
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Warren and Durbin, both longtime, outspoken crypto skeptics, said the collapse of FTX – which, until recently, had a $32 billion valuation and was largely perceived as one of the most stable exchanges in the industry – “justify our long-standing concerns that the crypto industry ‘is built to favor scammers’
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